The Aussie stock market has lagged behind the US market following the GFC but a number of ASX sectors are looking like they could be getting ready to attempt a bullish breakout. The charts of a number of sectors show price action trading up near recent bear trend lines and, as such, they’re worth watching for any make or break activity. Some of these charts are illustrated below.
ASX Indices:
XAO weekly: ASX All Ordinaries: it’s not clear from this chart but there has been a slight breakout from the wedge trend lines here. Price is also back above the 200 EMA which is supportive:
XJO weekly: ASX 200: there has also been a slight breakout here above the wedge trend line. Price is back above the 200 EMA here too which is supportive:
S&P500 monthly: The main US index of the S&P500 is trading well above the pre-GFC levels whereas the Aussie XJO and XAO, shown above, have not closed above their pre-GFC highs:
XKO weekly: ASX 300: no breakout here just yet as the weekly candle closed within the trend line. Price is newly back above the 200 EMA though which is supportive here:
XTO weekly: ASX 100: there is small but distinct breakout on this index. Price is newly back above the 200 EMA here too which is supportive:
XFL weekly: ASX 50: no breakout here just yet however and no close above the 200 EMA either:
XTL weekly: ASX 20: no bullish breakout here just yet either but it could be looming:
XSO: Small Ordinaries: there has been a bullish breakout above both trend lines BUT I’d prefer to see a new weekly close above the 200 EMA:
ASX Sectors: all weekly charts:
XSJ: Consumer Staples: watch for any triangle breakout and move back above the 200 EMA:
XDJ: Consumer Discretionary: watch for any wedge breakout and break of the 50% fib:
XEJ: Energy: watch for any break above the bear trend line:
XNJ: Industrials: watch for any wedge breakout:
XFJ: Financials: watch for any wedge breakout here too:
XHJ: Health: this looks rather interesting with a possible bullish ‘Inverse H&S’ building here. I’m seeing the neck line as being at 20,000:
XIJ: Information Technology: watch the wedge trend lines here too:
XMJ: Materials: watch for any breakout above the bear trend line:
XMM: Metals and Mining: watch for any breakout above the bear trend line here too:
XUJ: Utilities: watch for any breakout above the wedge trend line:
XTJ: Telecommunication Services: watch for any breakout from the triangle:
ASX ETFs:
STW weekly: ASX 200 ETF: this is looking bullish with a wedge breakout and a move back above the 200 EMA but there hasn’t been a new close back above the psychological 50 level yet:
SFY weekly: ASX 50 ETF: this is looking bullish with a bullish breakout from the wedge and a close above the S/R 50 level. However, it has yet to close back above the 200 EMA:
